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RPC's Pressure Pumping Division Hit by Q4 Slowdown
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RPC, Inc. detailed its Q4 2018 results and talked about its outlook for 2019 in its conference call.
The company echoed what Halliburton and Schlumberger noted, that budgets / drilling activity seem to be declining for 2019 due to market volatility.
RPC's Pressure Pumping Division Takes Hit as Activity DropsCEO Richard Hubbell commented: "The unexpected decline in oil prices, budgetary constraints and holiday slowdowns during the fourth of 2018 impacted our customers’ drilling and completion activities with many curtailing operations in December. This decline was most pronounced in our pressure pumping service line."
CFO Ben Palmer detailed its pressure pumping fleet status and 2019 spending outlook: "Our pressure pumping fleet remains at approximately 1,050,000 hydraulic horsepower. And…
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